Pakistan Assured IMF of its Commitment to Extended Fund Facility (EFF) Programme
September 28, 2021
Finance Minister Shaukat Tarin assured the International Monetary Fund (IMF) on Monday that Pakistan is committed to its ongoing Extended Fund Facility (EFF) programme and that the upcoming review and Article IV consultations will be completed successfully.
The finance minister said the government would formally launch thetrack and tracesystem for tobacco products on October 1 this year during a meeting with the IMF’s outgoing and nominated resident representatives.This is also one of the EFF program’s requirements. The minister told the IMF team that reforms in the power sector were being implemented to address the problem.
On October 4, negotiations with the IMF for the EFF’s sixth review, as well as Article IV consultations, will begin. Mr. Tarin’s scheduled visit to Washington from October 11 to 17 will include meetings with IMF management and attendance at World Bank and IMF annual meetings.
The nominated IMF resident representative, Esther Perez Ruiz, was on a courtesy call with outgoing representative Teresa Sanchez Daban.Ms Ruiz is currently on a pre-assignment mission in Pakistan. Ms. Ruiz was congratulated by the finance minister, who also expressed his best wishes for her upcoming assignment, which begins in November.
In order to achieve this, the government plans to work with development partners to broaden economic development through fiscal consolidation and prudent economic policies in the face of the pandemic and post-Covid scenario.The finance minister praised the IMF for providing timely support during difficult times. He briefed the IMF representative on key initiatives aimed at providing maximum relief to the people, saying the government was taking a variety of administrative, policy, and relief measures to absorb the pandemic’s upward pressure on basic food commodity prices.
To increase revenue collection and broaden the existing tax base, the government has implemented a multi-pronged strategy. He also praised the Federal Board of Revenue for consistently exceeding revenue collection targets in recent months, despite the ongoing Covid-19 pandemic. He went on to say that broadening the tax base is one of the government’s top priorities.Pakistan’s efforts to control the spread of the virus through a series of smart and targeted lockdowns to strike a balance between lives and livelihoods were praised by the new IMF representative. During her tenure, she hoped to work closely with Pakistan’s government.